The ZAMA token on Revolut is now live across the European Economic Area, handing Zama’s fully homomorphic encryption (FHE) protocol a retail distribution channel that the company’s own app and exchange listings could not replicate at scale.
Revolut’s customer base sits at more than 70 million globally, with over 15 million already active in crypto on the platform. EEA users can buy, hold, and withdraw ZAMA directly from the main app, with withdrawals routing onchain to self-custody wallets via Revolut’s existing cryptocurrency transfer infrastructure. Trading fees start at zero, according to Zama.
What ZAMA Token on Revolut Actually Offers Users
The listing removes the usual friction: existing Revolut customers skip additional KYC and account creation at a separate exchange. For ZAMA holders who want to move assets off-platform, Revolut already supports onchain transfers in the EEA, so the withdrawal path is there by default.
The token itself is an ERC-20 on Ethereum and is exposed on other chains as a LayerZero Omnichain Fungible Token (OFT), according to Zama’s protocol documentation. Its tokenomics follow a burn-and-mint model: 100% of protocol fees are burned, while new tokens are minted to reward network operators on a yearly emission schedule. The Zama token portal also lets holders stake with operators of their choice to help secure the protocol and earn rewards.
‘Privacy is something people expect everywhere else in their financial lives, but onchain they simply haven’t been able to have it,’ said Zama co-founder and CEO Rand Hindi.
The Auction Numbers Behind the Token Launch
ZAMA began trading on 2 February 2026 at 13:00 UTC, following a sealed-bid Dutch auction that ran from 21-24 January 2026, according to the Zama token launch announcement.
The snippet references a $121 million auction figure. That number requires unpacking. According to Chainwire’s report on the auction results, $121.3 million is the Total Value Shielded (TVS) inside the auction app, a distinct figure from the $118.5 million in total value committed by bidders and the $44 million actually paid by winning bids. The Defiant also cites $118.5 million in commitments.
The auction attracted 24,697 bids from 11,103 unique bidders across Zama’s native app, KuCoin, and CoinList. It cleared at $0.05 per ZAMA token, with 880 million tokens sold against demand for roughly 2.8 billion, leaving the auction approximately 218% oversubscribed, per Chainwire.
In May, Zama also acquired TokenOps, adding infrastructure for encrypted token distributions and institutional token operations. A separate acquisition, KKRT Labs, a zero-knowledge proof scaling research firm, was also announced, per the Zama press kit.
Confidential DeFi Gaining Traction on Morpho
The Revolut listing follows a period of live production deployments. Zama’s protocol mainnet launched on Ethereum on 30 December 2025, executing the first confidential USDT transfer using encrypted tokens on that date, according to blockeden.xyz.
The most concrete DeFi deployment came through Morpho, where Zama worked with Steakhouse Financial to launch the Steakhouse Confidential Prime USDC vault on Ethereum in June. Users deposit confidential USDC (cUSDC) rather than ordinary USDC; Zama’s FHE keeps individual balances and transaction amounts encrypted while the assets operate through Morpho’s lending markets.
Deposits reached $23.23 million by 16 July, up from more than $14 million reported on 2 July, making it the eighth-largest USDC vault across Morpho V1 and V2 at the time of Zama’s snapshot. Steakhouse Financial is the largest stablecoin risk curator on Morpho, managing 48 vaults across Ethereum, Base, Katana, Polygon, Unichain, and Arbitrum, generating over $0.5 million in annual recurring revenue.
The vault faced a stress test in May when a US court order led Circle to temporarily freeze a Zama contract holding around $12.5 million in USDC. The order was lifted and funds returned to normal operation; Zama said it accelerated development of controlled-disclosure and compliance tooling as a result.
With the Zama Protocol litepaper describing deploying confidential apps as free and permissionless, the Revolut listing positions the ZAMA token in front of retail buyers who can immediately test that claim by withdrawing onchain. Deposit velocity in the Morpho vault over the next few weeks will show whether the Revolut distribution actually moves liquidity.
